Technology

Insight / Digital markets unit launched to create pro-competition tech regime

The government is to set up a dedicated digital markets unit (DMU) to tackle what it says are unfair and uncompetitive practices used by dominant tech platforms, such as Google and Facebook

Insight / Ticketmaster fined £1.25m over customer data breach

Ticketmaster UK Ltd’s failure to keep customers’ personal data secure following a cyber-attack has resulted in a £1.25m fine from the Information Commissioner’s Office (ICO) for breaching the general data protection regulation (GDPR)

Insight / Accountants adapt and survive in year of radical change

As 2020 has seen more upheaval in the way accountants work than in the past decade, Workday’s Tim Wakeford looks at how finance departments have been the biggest adaptors in a year of digital transformation

Insight / Pensions dashboard pushed to 2023

The government is to mandate the use of simpler annual benefit statements for defined contribution (DC) pension schemes, in a bid to improve savers’ understanding of their position, but implementation of an online pensions dashboard has been pushed back to 2023

Insight / BA fined record £20m for data breach

British Airways has been fined a record £20m by the Information Commissioner’s Office (ICO) for failing to protect the personal and financial details of more than 400,000 of its customers

Insight / FCA bans crypto-derivatives trading to retail consumers

The Financial Conduct Authority (FCA) has banned the sale of crypto-derivatives to retail consumers, after learning of ‘significant’ trading losses, and says the move will protect around £53m

Insight / European Central Bank mulls introducing digital euro

The European Central Bank (ECB) has indicated it is considering the possible issuance of a digital euro, an electronic form of central bank money accessible to all citizens and businesses

Insight / 79% see cybersecurity as top corporate risk

For the third year running, cybersecurity tops the annual risk survey from the Chartered Institute of Internal Auditors (Chartered IIA) but, in the wake of Covid-19, disasters and crisis preparedness was also identified as a top five risk

Insight / Pandemic sees ‘bot’ cyber-attacks on financial services increase

The number of human-initiated cyber attacks declined during the Covid-19 pandemic, but there has been an increase in automated ‘bot ‘attacks targeting financial services organisations, according to research by LexisNexis

Insight / Deloitte to bolster digital transformation services with Keytree acquisition

Deloitte today announced its intention to acquire the business and assets of Keytree, the international technology consultancy, to grow its digital reach to support clients worldwide

Tax / Apple wins EU £11.6bn tax battle

The Irish government and Apple have won a landmark appeal at the European Central Court which means the US tech giant will not have to pay Ireland €13bn (£11.6bn) in back taxes, in a major blow to the European Commission’s bid to challenge the tax arrangements of multinationals

Accounting / Technology and global demands drive move to strategic adviser

Whether it is through artificial intelligence, using the cloud or simply picking up the phone to offer proactive advice, the role of an accountant is shifting towards strategic advice with an international outlook, argues Chris Downing, director at professional services firm Inspire

Insight / 1.1m spike in cryptoasset buyers

An estimated 2.6m UK consumers have bought cryptoassets at some point, an increase of 1.1m in the past year, according to research by the Financial Conduct Authority (FCA), which has expressed concerns about lack of regulation in this sector

Insight / PwC in spotlight over remote working compliance technology

PwC has come under the spotlight over a project to develop a facial recognition tool allowing clients to track finance workers’ absences from their computer screens while working from home remotely, amid concerns over privacy issues

Accounting / SEC zooms in on mistaken identity over video app

The US Securities and Exchange Commission (SEC) has stepped in to address a case of mistaken identity which has seen investors put money into a little known Chinese tech firm, Zoom Technologies, in the mistaken belief that it is behind the Zoom, the video conferencing app which is going through the roof as a result of coronavirus working from home rules
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